South Korea's POSCO Holdings announced that it has signed a memorandum of understanding (MoU) with POSCO International, POSCO E&C, and Malaysia's state-owned oil and gas explosion company Petroleum Sarawak Berhad (PETROS) to jointly develop a Carbon Capture and Storage (CCS) project in Sarawak, Malaysia.

Under the MoU, both parties will conduct a feasibility analysis on the capture, transportation, and storage of CO2 emissions from POSCO’s steelworks’ operations and blue hydrogen production in Sarawak.

A working group will be formed by POSCO Group and PETROS to discuss all details of this cooperation.